23rd Oct 2013 07:58
LONDON (Alliance News) - International Personal Finance PLC Wednesday said it is well-placed to achieve a good full-year performance, following strong third-quarter results.
The home-credit provider, which makes most of its short-term, unsecured loans at a range between GBP200 and GBP500, said it made a GBP32.5 million pretax profit in the third quarter, up 19% from GBP27.2 million for the corresponding period last year.
The company said its revenues increased 16% to GBP189.0 million, with the company boasting 2.5 million customers, up 4.0% year-on-year.
"We have made good progress in the quarter with our expansion into Lithuania and Bulgaria and the further roll out of longer-term loans and preferential pricing for our best customers," Gerard Ryan, chief executive, said in a statement.
International Personal Finance, which expanded into Bulgaria in September and operates in Lithuania, Romania and Mexico, said it has combined expansion with new product development.
The lender said its plans to expand into Mexico City, which has a population in excess of 20 million, remain on track, while the Lithuania business is developing well.
Plans to expand to another three Bulgarian cities are on track to complete before the end of the year, and the company said it is focused on building brand awareness in both Bulgaria and Lithuania.
The company also said it is offering longer-term loans to its "best quality" customers in several eastern European countries. The new, longer-term loans include 90-week and 100-week loans, whereas most of its loans are repayable between six and 12 months.
International Personal Finance shares were Wednesday morning quoted at 647.50 pence, down 3.1%.
By Samuel Agini; [email protected]; @samuelagini
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